OPEC+ agrees to increase the size of its oil-supply hikes by almost 50% in a deal that kept Russia at the heart of the cartel while giving in to pressure from major consumers.
- Ministers approved production hikes of 648,000 barrels per day of oil for July and August, an increase from the recently monthly increase of 432,000 barrels per day.
- Russia fully backed the plan, and talks ended in a record time of only 11 minutes. Meanwhile, there are talks on excluding Russia from OPEC+ since they cannot maintain a stable oil supply due to sanctions.
- Oil had dropped before the meeting after reports that Saudi Arabia and other members were ready to fill the gap in the market created by the fall in Russian output.
The output increase will be divided proportionally among members. Nations that have been struggling to raise production, like Nigeria, Angola, and Russia, would be allocated a higher quota.
CL! up +0.85%, USOIL up +1.22%